Binance Coin Loses $391 Support as It Risks Further Decline to $323
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Binance Coin (BNB) Long-Term Analysis: Bearish
Binance Coin’s (BNB) price is in a downtrend as risks further decline to $323. The selling pressure is likely to continue to the downside. On April 30, the bears broke below the $391 support as price reached the low of $376. Later, BNB price corrected upward but was resisted at the $391 high. This price level was the previous support level which is now a resistance. The implication is that the BNB price will further decline to the downside. On the downside, Binance Coin will first decline to the previous low at $360. Nonetheless, if this support is broken, the market will decline to the low of $323.
Binance Coin (BNB) Indicator Analysis
BNB is at level 44 of the Relative Strength Index period 14. The altcoin is in the bearish trend zone and capable of a further downward move. BNB is below the 20% range of the daily stochastic. It has reached the oversold region. The price is fluctuating below and above the oversold region. BNB has a bearish crossover. That is, the 21-day line SMA crosses below the 50-day line SMA indicating a sell signal.The 21-day line SMA and 50-day line SMA are sloping downward indicating the downtrend.
Technical indicators:
Major Resistance Levels – $640, $660, $680
Major Support Levels – $540, $520, $500
What` Is the Next Direction for Binance Coin (BNB)?
Binance Coin is in a downtrend as it risks further decline to $323. The selling pressure is likely to continue as it faces rejection at the $391 high. Meanwhile, on April 11 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement suggests that BNB will fall to level 2.0 Fibonacci extension or $331.60. From the price action, the crypto has fallen to $376 and is likely to continue the downside.
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